Delpacibart Braxlosiran (del-brax/AOC 1020)

Nov. 10, 2025 — Avidity Biosciences, Inc. (Nasdaq: RNA) reported third-quarter 2025 financial results and provided pipeline updates, alongside an announced definitive merger agreement for Novartis AG to acquire Avidity for an implied total equity value of approximately $12 billion. The acquisition is expected to close in the first half of 2026, after Avidity separates its early-stage precision cardiology programs into a new publicly traded company (“SpinCo”), to be led by Kathleen Gallagher (CEO) with Sarah Boyce as board chair.

Key clinical/regulatory highlights: Following an October 2025 pre-BLA meeting with FDA, Avidity stated a “clear path forward” for delpacibart zotadirsen (del-zota) in DMD44, with a BLA submission planned in 2026 for accelerated approval. One-year EXPLORE44/EXPLORE44-OLE data showed sustained muscle protection with meaningful functional improvements and reversal of disease progression vs baseline/natural history; safety/tolerability remained favorable. Del-zota received FDA Breakthrough Therapy designation (July 2025).

Business/financials: Cash, cash equivalents and marketable securities were ~$1.9B (Sept. 30, 2025), expected to fund operations to mid-2028. Q3 2025 collaboration revenue was $12.5M (including a $10.0M Eli Lilly milestone). Q3 2025 R&D was $154.9M and G&A $46.3M; net loss was $174.4M.